China's energy supply security has faced many challenges such as the drastic change of the international energy environment and the domestic energy situation and so on. This paper constructs a multi-dimensional indicator system for the main risks deriving from four aspects to evaluate the situation of China's energy supply security and analyze its evolution characteristics from 1994 to 2011. The results indicate that the situation of China's energy supply security generally presented a downtrend during 1994–2008, as a result of increasing international energy market monopoly and high volatility of international crude oil prices. After 2008, the overall level of China's energy supply security has improved to the level of 2003, which is attributed to the relatively stable international energy environment as well as the effective implementation of energy policies.